Three UK lenders boost access for first-time, older and international borrowers
Three UK lenders – Gatehouse Bank, LiveMore and Chorley Building Society – have announced product changes aimed at improving accessibility and offering greater value to borrowers across various segments.
Gatehouse Bank has reduced the standard variable rate (SVR) on its Home Purchase Plans (HPP) and Buy-to-Let Purchase Plans by 0.50%. The Shariah-compliant lender has also lowered rental rates by 0.10% on both standard and green two-year fixed term BTL products for overseas residents.
Gatehouse’s green finance products provide a discounted rate for properties with an energy efficiency rating of A or B and include carbon offsetting for the fixed term. In addition, the bank has broadened its eligibility criteria to accept international resident applications for BTL finance on houses in multiple occupation (HMOs).
“Our primary goal is to help more people seeking Shariah-compliant finance achieve their aspirations,” said Gemma Donnelly (pictured left), head of customer propositions at Gatehouse Bank. “Following wider market trends, we are thrilled to be introducing product changes, which have been designed to make our products more accessible for our customers, both in the UK and overseas.”
Meanwhile, LiveMore, which specialises in lending to customers aged 50 to 90 plus, has introduced new Spring Special limited edition rates for remortgages on two-year fixed standard and retirement interest-only (RIO) products. The two-year fixed special now starts from 5.88% and is available until April 30. These rates are between 0.25% and 0.59% lower than LiveMore’s core fee range and include free valuations for properties valued up to £2 million and a £995 product fee.
LiveMore has also made rate reductions across its standard and RIO ranges, cutting up to 0.34% on LiveMore 2, and 0.20% on LiveMore 3 and 4 products, as well as on Up to 100% Debt Consolidation offerings.
Further changes include lowering the minimum age requirement for second borrowers in joint applications from 45 to 40. One borrower must still be aged 50 or above.
“We are continuously evolving our offering to better serve the needs of borrowers over 50,” said Paul Lewis (pictured centre), mortgages sales director at LiveMore. “Our new Spring Special limited-edition rates, latest core rate reductions and eligibility changes all demonstrate our continued commitment to making borrowing easier and more accessible for people in later life.”
Elsewhere, Chorley Building Society has introduced two exclusive fixed rate mortgage products aimed at first-time buyers. The two-year fixed rate at 90% loan-to-value (LTV) is set at 5.29%, while the 95% LTV option is offered at 5.79%. Both products are fixed until July 2027, include a £250 cashback, and come with no product or scheme fees. Eligibility requires that at least one applicant has never previously held a mortgage.
“The building society was founded to help people buy their own home and this is still true today, more than 165 years later,” said Liz Pearson (pictured right), head of operations at Chorley Building Society. “Our exclusive first-time buyer mortgages have been designed to support those looking to get onto the housing ladder as they do not have application or scheme fees and also include a cashback.”
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